Perth’s housing market continues to tighten, with prices rising again in October as listings remain scarce and demand stays strong.
According to the latest REIWA data, houses in Greater Perth reached a median sale price of $820,000 in October 2025, up 1.2% from $810,000 at the end of September and 12.3% higher than October last year.
Suburbs that saw the most house price growth in October were Jindalee (up 2.1% to $960,000), Southern River (up 1.6% to $935,000), Doubleview (up 1.6% to $1,275,000), Bayswater (up 1.5% to $1,047,544) and Swan View (up 1.4% to $700,000).
REIWA President Suzanne Brown (pictured) said price growth was likely to persist as long as demand stayed high and listings remained at or near record lows.
“We have continuing population growth; we have new home buyers entering the market due to the 5% deposit under the Home Guarantee Scheme; and we simply do not have the housing stock to meet the demand,” Brown said.
“People are not listing their homes due to concerns about securing a new place to live and new home completions are not meeting pent-up demand. We have seen a very slight increase in listings in October, compared to September, but listings of properties for sale remain 44.5% lower than the same time last year.”
At the end of October, there were 2,793 homes for sale, compared to 2,744 in September — up just 1.8% month-on-month but 44.5% lower than a year ago.
“Many homes that are coming to market are selling very quickly and have multiple offers on the table. During October for example, homes in Yokine, where the median price is $1,020,000, were snapped up in only two days,” Brown said.
According to reiwa.com data, the fastest-selling suburbs in October were Yokine (two days), Kinross (four days), Waikiki, Spearwood, Orelia, Kardinya, Golden Bay and Beechboro (five days), and Woodvale and Wellard (six days).
Perth’s unit market continues to strengthen, with the median sale price rising 2% to $571,000 — 17.7% higher than a year ago.
Units also sold faster, with a median sale time of eight days, one day quicker than September and four days faster than a year ago.
“Sale times for units are as fast as we’ve seen in at least 25 years," Brown said. "We believe this is an affordability issue, with buyers looking beyond stand-alone houses, to different housing types for affordability and lifestyle factors.
“With the Home Buyers Guarantee helping first-home buyers into the market, and price limits on first-home buyer stamp duty exemptions, it seems units are seeing increasing buyer interest.”
Nationally, Herron Todd White’s Kevin Brogan said first-home buyers are increasingly shaping demand as affordability challenges and government-backed low-deposit schemes draw more entrants into the market. He warned that while access has improved, concentration in outer-suburban and unit-heavy areas could heighten risk if supply remains limited.
Tight supply continues to weigh on transaction volumes. October saw a total of 3,147 sales, compared to 4,284 in October last year — a 26.5% fall.
“We were expecting to see a bigger uptick in the number of homes coming to market in what would normally be considered the busy spring selling period," Brown said. "We are two months into spring, and while there are some hopeful signs, we are yet to see a significant increase in the number of homes listed."
Across Australia, lower interest rates have helped lift borrower sentiment, but affordability remains a key hurdle for many first-home buyers and high-LVR borrowers. RBA has held its cash rate at 3.6% after three cuts this year, signalling a cautious stance heading into 2026 as property prices remain elevated relative to incomes.
Rental costs continue to rise sharply, with the median dwelling rent increasing 2.9% in October to $700 per week, up 7.7% year-on-year.
The median weekly rent for houses rose to $700, a 0.7% increase for the month, while unit rents were up 1.1% to $670 per week, 7.2% higher than a year earlier.
Suburbs recording the largest rent gains in October included Claremont (up 5.9% to $900), Bentley (up 5.4% to $737), Mount Lawley (up 5.2% to $660), High Wycombe (up 5.1% to $720) and Hamilton Hill (up 4.8% to $650).
For units, the strongest rental growth occurred in Claremont (up 9% to $790), Como (up 4.8% to $650), Perth (up 4.2% to $750), Midland (up 4% to $590) and Subiaco (up 3.5% to $735).
“The Perth market usually sees some tightening in the rental sector toward the end of the year,” Brown said.
There were 2,137 properties available for rent on reiwa.com at the end of October — 1.9% higher than September and 9.3% higher than a year earlier.
Median leasing times held steady at 16 days, unchanged from September and the same time last year.
The fastest-leasing suburbs were Shenton Park (six days), Joondalup (seven days), Innaloo (10 days), and Morley, Clarkson and Fremantle (11 days), followed by Madora Bay, Jindalee, Balga and Joondanna (12 days).
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